RISMEDIA, August 19, 2009-The weekly average rate borrowers were quoted on Zillow Mortgage Marketplace for 30-year fixed mortgages decreased last week to 5.30%, down from 5.36% the week prior, according to the Zillow Mortgage Rate Monitor, compiled by real estate website Zillow.com. Rates for 15-year fixed mortgages fell to 4.63% from 4.69%, and 5-1 adjustable rate mortgages fell to 4.22%, down from 4.28% the week prior.
Mortgage Type Average Rate Average Rate % Change
Week ending 8/16/09 Week ending 8/9/09
30-year fixed 5.30% 5.36% -1.1%
15-year fixed 4.63% 4.69% -1.3%
5-1 ARM 4.22% 4.28% -1.4%
Rates for 30-year fixed purchase mortgages decreased significantly, with the average rate on Zillow Mortgage Marketplace at 5.09%. Thirty-year fixed mortgage rates varied by state. Virginia mortgage rates, California mortgage rates, Connecticut mortgage rates and Georgia mortgage rates decreased the most, from 5.40% to 5.29% in Virginia, from 5.34% to 5.25% in California, from 5.37% to 5.28% in Connecticut and from 5.36% to 5.27% in Georgia. Illinois mortgage rates (5.44%), Ohio mortgage rates (5.40%) and Maryland mortgage rates (5.40%) were the highest in the country, while Washington mortgage rates (5.25%) and California mortgage rates (5.25%) were the lowest.
For more information, visit www.zillow.com.